دانلود رایگان مقاله انگلیسی مقایسه طولی ساختار سرمایه بین شرکت های تجاری و اجتماعی - نشریه الزویر

ABSTRACT

We develop a new perspective on capital structure differences between for-profit social and commercial enterprises by combining imprinting and social entrepreneurship theory. Using a longitudinal matched sample, we find that for-profit social enterprises have 40% to 13% lower leverage and up to four times greater leverage stability over time than commercial enterprises. Our results suggest that these differences in capital structure derive from the process of prosocial organizing, which goes beyond the primary focus on financial preferences. Thus, for-profit social enterprises—and similar hybrid organizations, such as B corporations—may require theories adjusted to their context.

8. Conclusion

We conducted one of the first investigations of capital structure differences between young for-profit social and commercial enterprises. Our research highlights limitations of traditional entrepreneurial finance perspectives in explaining capital structure differences between for-profit social and commercial enterprises over time. We therefore develop a new theoretical rationale to understand capital structure differences between commercial and for-profit social enterprises over time. Our study opens important avenues for future researchers by revealing that existing capital structure theories need modification for the context of for-profit social enterprises.